$PHM (PulteGroup, Inc.)

Homebuilder $PHM reported earnings of $0.30 per share in 3Q15, which included net charges of $0.03 per share resulting from litigation-related reserve adjustments. Earnings declined about 19% and net income dropped 23% from last year.

Builder $PHM stated that demand environment was generally strong in 1Q17, especially in California, Arizona, Texas, mid-west and Florida. It added that heavy rains during the quarter did not impact demand, but will affect its development timelines.

In 1Q17, $PHM's net new orders rose 8% to 6,126 homes, while the dollar value of net new orders increased 16% YoY to $2.4Bil. Backlog at the quarter end totaled 9,323 homes, valued at $3.8Bil, compared with prior-year backlog of 8,755 homes, valued at $3.4Bil.

Homebuilder $PHM boosted its 1Q17 revenue 14% to $1.6Bil, driven by a 7% growth in closings to 4,225 homes as well as 6% increase in average selling price to $375,000. Net income was $91.5MM, or $0.28 per share, compared to $83.3MM, or $0.24 per share in the year-ago quarter.

$PHM announced that Todd Sheldon will join the company as EVP, general counsel and corporate secretary, effective March 20, 2017. He joins $PHM from Atlanta-based Americold, and will report to CEO Ryan Marshall.

$PHM's backlog at the end of 2016 were 7,422 homes, valued at $2.9Bil. The company ended the year with a cash balance of $723MM. In addition, the company repurchased 13.2MM common shares for $252MM during 4Q16.

For 4Q16, $PHM's net new orders increased 15% over the prior year to 4,202 homes. The dollar value of orders increased 22% to $1.7Bil. The company ended FY16 with 726 active communities, which represents an increase of 17% YoverY.

$PHM reported a 20% YoverY jump in its 4Q16 earnings to $273.2MM, or $0.83 per diluted share. Revenue grew 21% to $2.5Bil, with home sale revenue growing 21% YoverY. Higher revenue were driven by a 9% increase in closings to 6,197 homes, combined with an 11% increase in average selling price to $391,000.

Regarding the land spend, $PHM said the total spend was $640 MM, which includes land development of $374MM and land acquisition of $266MM. This brings about $1.9Bil for FY16, which is in line with the company's guidance.

$PHM expects 4Q16 order conversion rate to be in the range of 62-64%, which represents an increase over 3Q16. $PHM now expects its average selling prices to be higher in the future, powered by a 11% growth in the backlog average selling prices.

$PHM said backlog value increased 20% in 3Q16 over the prior year to $3.7Bil, as the number of homes in backlog increased 8% to 9,417 homes. The average price of homes in backlog was $393,000, which is up 11% over last year.

$PHM, which competes with $DHI, $LEN and $KBH, said average home price rose to $374,000 from $336,000 a year earlier. The number of homes sold increased to 5,037 from 4,356 units. Chief Executive Ryan Marshall said housing demand remains on a sustained path of recovery fueled by ongoing job creation.